Valentine’s Day wasn’t enough for 1-800-Flowers last quarter. Shares of the company tumbled 15% Thursday and hit a 52-week low of $9.13 after the online retailer reported fiscal third-quarter results below analysts’ expectations and slashed its outlook for the year amid heightened inflation and waning demand for some of its gifts.
Chief Executive Officer Chris McCann said that solid demand around Valentine’s Day was offset by “overall slower consumer demand for everyday gifting occasions” during the three-month period ended March 27.
1-800-Flowers also saw continued, and in some instances escalated, macroeconomic cost headwinds, he said. That was combined with waning demand from consumers, “reflecting growing consumer concerns with rapidly rising inflation and geopolitical unrest,” McCann said. The war in Ukraine, triggered by Russia’s invasion in late February, has created widespread economic turmoil.
Read the complete article at www.cnbc.com.